Skip to content Skip to footer

New York, New York: The Market Chop Continues

We all know what happened with yesterday’s Fed statement(s) by now and have had time to sit back and try and make sense of not only what was literally said, but how to interpret words and charts going forwards, but taking the word “patience” out of the picture for the near future adds more mystery back into the mainstream.

Not only do we try and read between the lines and guess if and when the Fed decides to hike rates, but with the Dow having triple-digit moves 8 out of the past 9 days, capped off with yesterday’s almost 400 point Dow reversal from early morning lows, we view yesterday’s action as a move that puts us (indices/sentiment) back on track for better action with the Russell, IWM, making all-time highs. Especially with yesterday’s rally being slow and methodical. Europe, on the whole, is up the most since 2000, coupled with crude prices being the lowest since 2009. Also for the VIX believers granted in hindsight, few will argue that there wasn’t “fear” out there, just managers and institutions rotating money.

Recent Market Movers

the markets have seen the most volatility from non-equity asset classes being the Dollar/Gold/Crude, and with the 10-year yielding below 2% again, stocks, either domestic or more so lately international, seem to be the only game in town.

As traders at Tradeview Markets, there has been a tremendous opportunity for both intra-day trading as well as some swing trades. ORCL/FDX/ADBE/MGM/DD/LL have been good stocks to trade for us with range, volume, and good price action. Others include ETFs such as XLE and ERX, GLD, and EUO.

It may take some time to absorb yesterday’s move and let the market settle keeping in mind that Dow closed above 18k and the Nasdaq briefly touching the 5000k mark again. Both psychological levels also need time to be digested after the “run” we have had. Until then traders will continue to watch the dollar and crude oil until the market gives us confirmation and confidence in stock prices and indices.

MICHAEL VENEZIA
Trader
mvenezia@rhino-report.tradeviewforex.com

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.
Website: www.tradeviewforex.com

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.
Website: www.tvmgloballtd.com

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.
Website: www.tradeview.eu

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.
Website: www.tradeviewlatam.com